An application specific password is meant to be given to the application once and then never typed again, heavily reducing the chance of it being compromised.

If it's kept in persistent storage by the application, that actually increases the chance of it being compromised. Rather than logging keystrokes or peeking at RAM or man-in-the-middling the application in some way, you can just read a file.

People turn little video clips into animated GIFs for joke purposes. Theyâ(TM)re not posting MNG (or whatever the carefully designed and basically unused animated PNG format was called) to their Tumblrs.